Make a list of all debts, amounts owed and interest rates
• Pay off high interest debts first using a "debt snowball" or "avalanche" method
• Avoid taking on new debt as you pay off existing debt
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A masterpiece by Tony Robbins!
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Similar ideas to Pay Off Your Debts
With this method, you pay off your debts from the smallest balance to the largest balance, regardless of interest rates.
When you pay the smallest debts first, you start to clear your low debts away very quickly. Doing this feels empowering. Once you've paid off a debt, yo...
The debt snowball is another method made popular by Dave Ramsey. It is simply a way of paying off your debt from the smallest balance to the largest.
If you have debts with a high-interest rate, a balance transfer might be a good option and even offer perks such as 0% APR and rewards programs. Ensure you consider the balance transfer fees, and pay down the entire transferred balance during the introductory period if possible.
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